Emphasis on Propulsion Type [Battery Electric Vehicles (BEV) (Passenger Vehicle and Commercial Vehicle), Plug-in Hybrid Electric Vehicles (HEV) (Passenger Vehicle and Commercial Vehicle)]; Battery Type (Lead Acid, Lithium-ion, Nickel-metal Hybrid, Solid-state); Battery Capacity (<50kWh, >50-110kWh, >110-200kWh, >200-300kWh, >300kWh); Region/Country
Electric Vehicle Battery Market was estimated to be around $30 billion in 2020 and is anticipated to display a CAGR of above 20% over the forecast period (2021-2027). An electric vehicle is a vehicle that has the potential to produce no or very less tailpipe emissions (PHEV). These vehicles have significant emission benefits over conventional vehicles & run-on alternate power sources such as battery electricity, natural gas, and gasoline (in case of PHEV). The growth of electric vehicle battery market expanded significantly over the last few years, underpinned by supportive policies and technology advances for clean energy across the world. For instance, as per IEA only about 17,000 electric cars were on the world’s roads in 2010. By 2019, that number had swelled to 7.2 million, 47% of which were in The People’s Republic of China (“China”). Surging demand of EV’s would propel the demand of EV batteries thus increasing the market size of electric vehicle battery market. However, environmental harm caused while manufacture and disposal of batteries would hamper the growth.
Panasonic Corporation, Mitsubishi Electric Corporation, LG Chem Ltd., Samsung SDI Co., Ltd., Exide Industries Ltd., BYD Company Limited, Wanxiang Group Corporation, Contemporary Amperex Technology Co. Limited, Tianneng Power International Limited, EnerSys are some of the prominent players operating in the electric vehicle battery market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with more models & innovative vehicles.
Insights Presented in the Report
“Amongst Propulsion Type, Battery Electric Vehicles (BEV) segment holds the major share.”
Based on the vehicle type, the Electric Vehicle Battery market is bifurcated into Battery Electric Vehicles (BEV) andPlug-in Hybrid Electric Vehicles (PHEV). Currently, battery electric vehicles hold the largest market share owing to the fact that BEV models are offered in most vehicle segments in all regions. For instance, according to IEA sustainable development scenario by 2030, BEVs will likely account for ~ 170 million of all new EVs sold.
“Amongst Battery Type, Lithium-ion held lucrative market share in 2020.”
Based on battery type, market is categorized into lead acid, lithium-ion, nickel-metal hybrid, and solid-state. Lithium-ion battery held the significant share in the market in 2020. High-energy density, charge retention capacity, and low maintenance are some of the benefits that have accelerated the growth of Li-ion as a battery technology. As per the International Energy Agency, passenger EV sales are set to increase sharply in the next few years, rising from 3.1 million in 2017 to 125 million in 2030.
“Asia Pacific represents as the largest market in the Electric Vehicle Battery market.”
For better understanding of the market penetration of Electric Vehicle Battery, the report provides a detailed analysis of major regions including North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific constitutes the prominent market share of EV batteries in 2020 owing to the presence of major battery manufacturers. Further, in 2018, China already accounts for 45% of EVs on road of the world which is 2.3 million. In addition, availability of cheap raw material and skilled labor coupled with the number of schemes and incentives provided by governments to promote the growth of EV vehicles in different countries.
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Analyzing the historical market, estimation of the current market, and forecasting the future of the global electric vehicle battery adoption were the three major steps undertaken to create and analyze the adoption of EV across various segments in North America, Europe, Asia Pacific, and Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the electric vehicle battery sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the electric vehicle battery through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the electric vehicle battery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as propulsion type, battery type, and battery capacity. Further regional & country-level analyses were conducted to evaluate the overall adoption of the electric vehicle battery in the global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of electric vehicle battery. Further, we conducted factor analysis using dependent and independent variables such as growing need for EV’s and government focus on clean energy targets which includes less emission vehicles expansion & promotion. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the Electric Vehicle Battery industry.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electric vehicle battery market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global electric vehicle battery market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of propulsion type, battery type, and battery capacity.
The main objective of the Electric Vehicle Battery Market Study
The current & future market trends of electric vehicle battery were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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